All numbers are as of January 1, 2026.

1. Committed Capital refers to capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers. For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. Committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital. Estimated and unaudited.

2. The amount of ‘private capital invested’ shown above includes investments made, originated or committed to by Churchill Asset Management LLC and its affiliates, including TIAA, since 2011 (in respect of its Private Equity and Junior Capital platform) and since 2015 (in respect of its Senior Lending platform). Investments include committed investments that ultimately may not have been fully drawn or funded.

Awards: 

Americas Junior Lender of the Year - Churchill was selected as the winner of the 2025 Americas Junior Lender of the Year award by Private Debt Investor. A nomination and voting process was conducted by PDI’s editors.

#2 Most Active U.S. Buyouts Lender – PitchBook 2025 Annual Lending League Table as of December 31, 2025. Rankings determined by PitchBook Data based on the total number of eligible transactions from January 1, 2025, to December 31, 2025. Eligible transactions include U.S.-based, private equity-backed company deals categorized as buyouts. 

Private Credit CLO Manager of the Year – Churchill was named Private Credit CLO Manager of the Year on November 19, 2025 at the Royal Lancaster London. The shortlist was announced in July 2025, compiled by an Alternative Credit panel, comprising independent judges who are industry experts, alongside Alternative Credit Investor’s senior editorial team. Judging criteria included the positive impact the firm is having on the industry, the expertise of the team, and the quality of products and services.

Private Markets Manager of the Year – Named by the LAPF Investment Awards in October 2025. The LAPF judging panel, comprised of representatives from seven pension funds, determined finalists and the ultimate winner based on investment performance, client service, stewardship, risk management, and innovation. 

Market Commentator of the Year – Churchill was named Market Commentator of the Year on November 19, 2025 at the Royal Lancaster London. The shortlist was announced in July 2025, compiled by an Alternative Credit panel, comprising independent judges who are industry experts, alongside Alternative Credit Investor’s senior editorial team. Judging criteria included the positive impact the firm is having on the industry, the expertise of the team, and the quality of products and services.

Lender Firm of the Year – Selected as one of five finalists in September 2021, 2022, 2023, 2024, and 2025 by an independent panel of judges appointed by The M&A Advisor. Winners were announced each November. A nominal fee was required to submit a nomination.

#3 Most Active U.S. Direct Lender – KBRA Direct Lending Deals' Lender Mandates as of December 31, 2025. Based on eligible transactions from January 1, 2025 to December 31, 2025. Eligible transactions are U.S. non-syndicated loans to private equity-backed companies. The league table comprises the top 247 lenders. Ranking includes only senior transactions (Traditional Middle Market and Upper Middle Market).

U.S.A. Lender of the Year – Named by the Global M&A Network’s USA M&A Atlas Awards in June 2025. Recipients were judged independently using a point-indexed scoring system evaluating notable transactions, expertise, track record, leadership, and client service. 

Any published third-party rankings, awards or similar groupings have inherent limitations and qualifications, and are not indicative of the experience of any client or investor or of the future performance of any product described herein. A nominal fee was required to submit a nomination for certain awards depicted.

3913570-0625